High-profile cryptocurrency figure gets pardon from president

President Trump has pardoned Binance founder Changpeng Zhao, who created the world’s largest cryptocurrency exchange and served prison time for failing to stop criminals from using the platform to move money connected to child sex abuse, drug trafficking and terrorism.

- BY WILL WEISSERT AND ALAN SUDERMAN

The pardon caps a months-long effort by Zhao, a billionaire commonly known as CZ in the crypto world and one of the biggest names in the industry. He and Binance have been key supporters of some of the Trump family's crypto enterprises.

“Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice,” Zhao said on social media Thursday.

Zhao’s pardon is the last move by a president who has flexed his executive power to bestow clemency on political allies, prominent public figures and others convicted of crimes.

White House Press Secretary Karoline Leavitt announced the pardon in a statement and later told reporters in a briefing that the White House counsel's office “thoroughly reviewed” the request. She said the administration of Democratic President Biden pursued “an egregious oversentencing” in the case, was “very hostile to the cryptocurrency industry” and Trump “wants to correct this overreach.”